MoneyGram, a globally renowned remittance and payment firm based in the U.S., has announced the integration of USDC stable coin as a part of its settlement asset for its fiat to crypto and crypto to cash program. First, the firm will allow its users to exchange USDC for cash and vice versa in select markets. Then, the list will be extended to other nations globally.
Moneygram Adds USDC Ramp Program
Traditional remittance firms are now working on how to add cryptos into their operations and offer more crypto-related services. One of the recent entrants is MoneyGram, a global payment and remittance firm, which announced that it is starting to allow users to add USDC, a dollar-pegged stablecoin. The firm will use its established network to act as the settlement for the USDC transactions.
The program also indicated that customers requiring changing USDC to fiat, selling or targeting to buy cryptos using fiat would be able to use the MoneyGram app to arrange an exchange to use. Then, they will be able to visit the MoneyGram offices in the US, Canada, Philippines, and Kenya to complete the transaction.
For MoneyGram, this move is targeted at enhancing financial inclusion in the unbanked markets. “Today, almost 2 billion people rely on cash for their livelihood, with no options to access the digital economy. At the same time, a persistent pain point for crypto-native users is off-ramping cryptocurrency quickly and reliably. The groundbreaking nature of this service is how it solves problems for a range of users with varying needs around the world,” explained Denelle Dixon.
The service is already available in the markets we have mentioned above and MoneyGram is targeting global cash out functionality. The program is being implemented in partnership with Stellar Development Foundation.
This type of crypto alliance is not the first one or MoneyGram. The company partnered with Ripple in 2018 to pilot its remittance solutions.